It is important for any business to recognise its income, overheads and expenses. With the preparation of accounts, you can quickly establish a businesses revenue, as well as understand where improvements can be made.
As part of the requirements, Ltd Companies, must produce statutory accounts to be filed with both HMRC and Companies House.
For the Self Employed, although the accounts are not filed with your tax return, it helps to understand how to populate the pages required to be filed to HMRC.
In most cases accounts can be prepared using items such as, invoices, bills, receipts, bank statements, information and explanations suppied by you.
All accounts give a clear view of your businesses position as well as any potential tax liability or refunds due.
Once the accounts are approved, they will then be used to populate your tax returns in order to be submitted to HMRC.
Statutory Accounts and Financial Reporting Standards
Under UK financial reporting, it is important to understand which reporting standards you must adopt, Your accounts, also known as financial statements will be publically available to view at Companies House, and will also dictate the level of corporation tax you pay.
We ensure that your business meets the correct reporting standards as well as the correct terminology used when preparing your statutory accounnts.
In this world nothing can be said to be certain, except death and taxes. -- Benjamin Franklin
For enquires please use the contact form below
Your browser has cookies disabled. Make sure that your cookies are enabled and try again. Learn More